Information Technology
Quadient SA: FY 2024 results: Solid 1st year delivery of “Elevate to 2030” strategic plan, with Digital Solution achieving €267m in revenue and 61% EBITDA growth to €47m
Paris, 26 March 2025
(Euronext Paris: QDT), an Intelligent automation platform powering secure and sustainable business connections, today announces its 2024 fourth-quarter consolidated sales and full-year results (period ended on 31 January 2025). The full year 2024 results were approved by the Board of Directors during a meeting held on 25 March 2025.
Geoffrey Godet, Chief Executive Officer of Quadient S.A., stated:
in at €1,093 million in FY 2024, a , and +0.4% organic growth compared to FY 2023, in line with Quadient's expectations. The reported growth includes a positive currency impact of €2 million and a positive scope effect of €24 million, which is related to the acquisitions of Daylight (September 2023), Frama (February 2024) and Package Concierge (December 2024).
In the fourth quarter of 2024, % and organic revenue growth was broadly flat, at -0.2%, compared to Q4 2023.
reached €777 million in FY 2024, growing +1.6% organically, and representing 71% of total sales. This represents a €30 million increase year-on-year (compared to the +€90 million target by 2026), progressing toward the €1 billion subscription-related revenue target by 2030. Performance in the fourth quarter of 2024 was steady, up 2.1% organically against Q4 2023, driven by a double-digit organic increase in Digital and in Lockers. Non-recurring revenue declined by 2.4% organically in FY 2024, including a 5.1% decline in Q4 2024, essentially due to a high comparison basis in Mail hardware sales.
, North America (58% of revenue) continued to outperform other regions with a +2.8% organic growth achieved in FY 2024.
In FY 2024, revenue from , (+10.1% in Q4 2024 vs. Q4 2023) (including the contribution from Daylight) compared to FY 2023.
This solid performance was driven by a in in FY 2024 (+10.5% in Q4 2024 vs. Q4 2023), including a good contribution from North America and continued positive commercial trends across the platform with further solid cross-selling and up-selling. In FY 2024, subscription-related revenue was of Digital total sales, compared to 80% in FY 2023.
At the end of FY 2024, , which is a forward-looking indicator of future subscription-related revenue, , up from €206 million at the end of FY 2023, representing a .
in FY 2024, up +61% year-on-year. , . In H2 2024, EBITDA margin further improved, reaching 19.1%, after 15.7% in H1 2024. This positive evolution in profitability reflects the combination of subscription-related revenue growth and platform maturity. The Digital solution is well on track to reach its target of EBITDA margin greater than 20% in 2026.
As part of its customer acquisition strategy, Digital continues to demonstrate strong commercial momentum. in FY 2024 thanks in particular to robust cross-selling with Mail, especially in North America. Digital experienced a dynamic fourth quarter, with several key deals secured in the US. Additionally, a new partnership was established with Avaloq to deliver Customer Communications Management capabilities to the financial services industry.
As part of the customer expansion process, the focus continues to be on further increasing up-selling, notably in financial automation process. Several platform innovations have been made, to bring added value to customers, including the ramp-up and extension of Repay for direct supplier invoice payments in the US and Canada, and new electronic invoice formats (UBL, CII, Factur-X) to align with upcoming European e-invoicing regulation.
In Quadient's core geographies, the addressable demand for its Digital automation platform is set to grow from
c.€6 billion in 2023 to c.€9 billion in 2027, representing a +10% CAGR, creating substantial growth opportunities in both communication and financial automation.
, leveraging on:
Mail revenue reached in FY 2024, (-4.6% in Q4 2024 vs. Q4 2023). , including the contribution of Frama.
recorded a minor -1.7% organic decline in FY 2024, despite a 7.3% drop registered in Q4 2024, mainly reflecting a high comparison basis related to deals signed in H2 2023.
(68% of Mail sales) recorded a in FY 2024.
was €200 million for FY 2024. EBITDA margin reached 27.4%, down 2.5 points compared to FY 2023. Mail EBITDA margin was impacted by the dilutive effect of Frama acquisition, including integration costs. Frama's performance is due to improve significantly from 2025 onward, with positive current EBIT already reached in FY 2024 and payback of the acquisition expected in FY 2025.
Thanks to its strong focus on customer acquisition, Quadient's Mail business continues to outperform the market. In Q4 2024, commercial performance remained resilient in North America, particularly in highly regulated industries where secure mail communications are key.
As part of the customer expansion focus, outlook remains strong driven by a high customer satisfaction rate of 95.7% and robust cross-selling performance, especially in the US where a record-breaking performance in placement of Digital solutions was recorded in Q4 2024. Mail business also benefited from the positive impact of the ongoing US mailing systems decertification, though this impact is expected to conclude in Q1 2025. Lastly, Quadient aims at upgrading Frama's installed base and initiating some cross-selling to promote its Digital offer to Frama's customers.
At the end of January 2025, already 42.4% of Quadient installed base has been upgraded with its newest technology.
Lockers revenue in FY 2024, a +4.3% increase on an organic basis, with strong momentum in the latter part of the year (+8.0% in Q4 2024 vs. Q4 2023, after a strong Q3 2024, up +14.3% year-on-year) and a + compared to FY 2023, including a marginal contribution from Package Concierge.
in FY 2024 ( 2024 vs. Q4 2023), benefiting from:
Overall, subscription-related revenue
(license & hardware sales and professional services) were down 6.8% organically in FY 2024 Hardware sales were still impacted by slower new installations in North America.
, including c. 3,000 units from Package Concierge, vs. c.20,200 units at the end of FY 2023. This is reflecting an , fueled by the partnerships signed by Quadient to host parcel lockers in new suitable locations.
was above breakeven, at €1 million in FY 2024. EBITDA margin stood at 0.6%, up by 3.6 points compared to FY 2023. This significant profitability improvement, illustrated by a 6.7% EBITDA margin in H2 2024, was driven by growing recurring revenue and increased usage. Additionally, the revised commercial agreement with Yamato for the Japanese installed base was implemented at the beginning of H2 2023.
As part of the customer acquisition focus, Quadient is accelerating the pace of installation for new lockers in its open networks in Europe, mostly in France and the UK, with installed base up 145% year-on-year. This is supported by the additional deals signed for premium locations (including Morrisons Daily Stores and ScotRail…). Additionally, the trend for new installations in North America has turned positive in Q4, where market share leadership position in Residences and Universities remains robust.
As part of the customer expansion strategy, volumes from both pick-up and drop-off in European open networks saw a significant increase, growing sevenfold between Q4 2023 and Q4 2024. The momentum in North America for the locker network, particularly across the multifamily sector and higher education campuses was strong in Q4 2024. In Japan, macroeconomic conditions have impacted parcel volumes, but new initiatives, such as the new partnership with Japan Post, are aimed at driving volume growth and increasing adoption.
slightly up compared to FY 2023, due to lower cost of sales.
for the Group in FY 2024, up €3 million compared to FY 2023. EBITDA grew by 3.0% organically, driven by strong growth of 80% in Digital and improved profitability in Lockers, which more than compensated for the softer EBITDA performance in Mail. . It was almost stable compared to FY 2023: despite the impact of the change in revenue mix and the dilutive effect of Frama acquisition, the Group EBITDA margin was supported by significant profitability gains in Digital and Lockers.
stood at €101 million in FY 2024, compared to €98 million in FY 2023. This slightly higher depreciation mainly reflects the increase in Lockers' asset base.
compared to €147 million in FY 2023, stood at of sales in FY 2024 compared to 13.8% in FY 2023.
stood at €23 million in FY 2024, versus €15 million in FY 2023. This increase mainly relates to the write-off of an IT project, additional office optimization and Frama restructuring costs.
Consequently, in FY 2024, versus €132 million recorded in FY 2023.
was up from €29 million in FY 2023 to €39 million in FY 2024, impacted by higher interest rates. was broadly flat in FY 2024, compared to a loss of €2 in FY 2023. Overall, in FY 2024 compared to a loss of €31 million in FY 2023.
expense was stable year-on-year at
of the Mail Italian subsidiary was null in FY 2024, compared to a €14 million loss in FY 2023. This loss included exceptional charges related to the sale process for this subsidiary, which was sold to a local mail distribution company in October 2024.
amounted to €66 million in FY 2024 compared to €69 million in FY 2023.
stood at €1.94 in FY 2024 compared to €2.02 in FY 2023. The fully diluted earnings per share was €1.94 in FY 2024 compared to €2.01 in FY 2023.
The change in was a net cash inflow of €9 million in FY 2024 compared to a net cash outflow of €6 million in FY 2023, mostly reflecting the positive impact from timing on prepaid expenses and customers deposits.
The stood at €623 million as of 31 January 2025, compared to €598 million as of 31 January 2024,
( . excluding currency impact of €18 million)
thanks to good hardware placements in Mail. While generating future subscription-related revenue, this increase in lease receivables resulting from the good performance in the placement of new equipment translates into a cash outflow of
€7 million in FY 2024. At the end of FY 2024, the default rate of the leasing portfolio stood at around 1.1% compared to c.1.3% at the end of FY 2023.
increased to €67 million in FY 2024 versus the amount of €55 million paid in FY 2023. The difference was mostly explained by higher interest rates in FY 2024.
reached €108 million in FY 2024, up €7 million compared to FY 2023, mostly due to UK locker open network deployment. Capex for Digital reached €24 million in FY 2024, slightly up compared to €22 million in FY 2023 and was mainly focused on R&D and platform development. Capex for Mail remained at fairly high level of €51 million
(vs. €53 million in FY 2023), due to continued high placement of machines related to the US decertification, which is expected to end in Q1 2025. Capex for Lockers increased from €26 million to €33 million to support the ramp-up of the deployment of the open network in the UK. The sale of Frama real estate in Switzerland generated €6 million in cash inflows in FY 2024.
All in all, reached €66 million in FY 2024, compared to €64 million in FY 2023.
stood at €741 million as of 31 January 2025, a slight increase against €709 million as of 31 January 2024. In FY 2024, Quadient successfully raised approximately €325 million in new facilities, including the following transactions in H2 2024:
These new facilities enabled Quadient to repay post-closing its €260 million bond due in February 2025 and settle the repayment of loans for €29 million, also due in early 2025. As a result of these transactions, the Company's average debt maturity has been extended to four years as of the end of February 2025, compared to three years at the end of FY 2023.
The (net debt/EBITDA) remained as of 31 January 2025 compared to 2.9x as of 31 January 2024. Quadient remained stable at as of 31 January 2025, despite the acquisitions of Frama and Package Concierge in 2024, as well as the implementation of a share buyback programs.
As of 31 January 2025, the Group had a strong of , split between €367 million in cash and a €300 million undrawn credit line, maturing in 2029.
stood at €1,113 million as of 31 January 2025 compared to €1,069 million as of 31 January 2024. The stood at 66.6% as of 31 January 2025.
for FY 2024 stands at €0.70 per share, , and a payout ratio of 36.1% of net income, higher than Quadient's minimum 20% pay-out ratio of net income as per the Group's dividend policy. This represents a €0.05 year-on-year increase, for the fourth consecutive year. The dividend is subject to approval by the Annual General Meeting, scheduled for 13 June 2025, and will be paid in cash in one instalment on 6 August 2025.
In addition, Quadient's announced in September 2024 the launch of a
for a total consideration of up to €30 million. To date, €10 million worth of shares have been repurchased, with the program set to be executed over an
18-month period. This operation demonstrates Quadient's confidence in the value creation potential of its “ ” strategic plan, its ability to reach its FY 2026 leverage ratio target and is in line with the capital allocation policy of the Company, while improving shareholders' return.
The evolving dynamics within Quadient's business portfolio, characterized by strong growth in Digital and Lockers revenue alongside a moderate decline in Mail revenue, will naturally drive a year-on-year acceleration in the Company's total revenue growth.
As Digital and Lockers continue to expand their share of Quadient's revenue and profit, while simultaneously improving their profitability, this shift is expected to contribute to a higher growth in current EBIT
As a result, Quadient targets an compared to 2024.
On 3 December 2024, Quadient and Avaloq announced today their partnership to offer unrivaled customer communications management (CCM) capabilities for the financial services industry. Avaloq has selected Quadient Inspire as its standard CCM solution, seamlessly integrating it into the Avaloq platform.
On 11 December 2024, Quadient announced the launch in Europe of SimplyMail, a solution designed to address the growing needs for smaller businesses to automate and optimize their mail operations with ease.
On 12 December 2024, Quadient announced it has been named a Leader in the IDC MarketScape: Worldwide Automated Document Generation and Customer Communication Management 2024 Vendor Assessment.
On 16 December 2024, announced it has been named a Leader in the IDC MarketScape: Worldwide Accounts Receivable Automation Applications for Small and Midmarket 2024 Vendor Assessment. Additionally, Quadient has been recognized for the first time as a Major Player in the IDC MarketScape: Worldwide Accounts Receivable Automation Applications for the Enterprise 2024 Vendor Assessment.
On 18 December 2024, Quadient announced the acquisition of US-based parcel management solutions provider Package Concierge®, exceeding the 25,000-unit mark in its global installed base. Package Concierge provides innovative digital locker technology that addresses the growing challenges of package management in residential, commercial, retail and university campuses across the United States.
On 20 December 2024, announced a USD50 million bank loan from Bank of America. This new credit facility, which comes with a 3-year maturity at a variable rate, strengthens Quadient's financial position ahead of debt maturities due in 2025.
On 10 January 2025, Quadient announced that a newly released report by market research and consulting firm IDC shows Quadient rapidly closing the gap on the top position. Quadient's 13.7% year-on-year revenue growth in 2023 has accelerated from its 11% growth in 2022. This is also the fastest growth among the major Customer Communications Management (CCM) vendors globally, outperforming the overall market growth.
On 14 January 2025, Quadient announced that it has been selected by a US government agency to modernize its mail automation infrastructure in a contract valued at c.$1.6 million. This follows a previous announcement in October 2024, where Quadient was awarded a contract worth nearly $1 million for a similar modernization project with another federal agency.
On 16 January 2025, Quadient announced that a leading US provider of integrated benefits, payroll, and human resources cloud solutions has selected customer communications management (CCM) platform Quadient Inspire to ensure accessibility compliance for its US federal agency client.
On 21 January 2025, Quadient announced a partnership with ScotRail to deploy Parcel Pending by Quadient automated lockers across Scotland's rail network. ScotRail, Scotland's national rail operator, is enhancing its passenger experience and operational efficiency with the installation of parcel lockers in its stations.
On 22 January 2025, Quadient announced that it has signed a new USD100 million US Private Placement (USPP) with MetLife Investment Management (“MIM”), reinforcing its financial position. This new USPP of USD 100 million senior notes has a
7-year average maturity and comes with an additional shelf facility allowing the issue of senior notes for a maximum aggregate principal amount of USD50 million.
On 28 January 2025, Quadient announced a partnership with Buzz Bingo to deploy Parcel Pending by Quadient automated lockers in 35 of its 81 bingo clubs across the UK, with plans for further installations in the future. This collaboration enhances parcel collection, delivery, and return convenience while improving the customer experience at Buzz Bingo locations.
On 30 January 2025, Quadient announced a new contract with one of the largest injury law firms in the US, transitioning the firm from its long-standing provider to Quadient. Under the new agreement, worth over 1 million dollars, the firm is rolling out nearly 100 Quadient iX-Series mailing systems at offices across the country, all seamlessly integrated with Quadient's cloud-based S.M.A.R.T. accounting and shipping software.
On 31 January 2025, Quadient announced strong year-end momentum in the adoption and usage of its Parcel Pending by Quadient locker network across multifamily and higher education campuses in North America.
On 18 February 2025, Quadient announced a new partnership with Morrisons. The partnership will see Parcel Pending by Quadient parcel lockers installed at 230 Morrisons Daily stores by spring 2025.
On 3 March 2025, Quadient announced an expanded partnership between Japan Post and Packcity Japan, a joint venture between Quadient and Yamato Transport. Thanks to the extended partnership, consumers will not only receive Japan Post deliveries at Packcity Japan's nationwide open network of automated parcel lockers, but they will also now be able to ship parcels from the lockers, called PUDO stations. Consumers using Japan Post's Yu-Pack parcel service use a mobile app to ship from a PUDO station, eliminating the need to wait at delivery counters or manually handling shipping slips.
On 13 March 2025, Quadient announced it has maintained its leadership position on the Aspire Leaderboard. Produced by independent advisory firm Aspire CCS, the Aspire Leaderboard highlights and compares vendors in the customer communications management (CCM) and customer experience management software space. It is updated in real-time as vendors release enhancements and adjust strategies.
To know more about Quadient's news flow, previous press releases are available on our website at the following address: https://invest.quadient.com/en/newsroom.
Quadient will host a conference call and webcast today at 6:00 pm Paris time (5:00 pm London time).
To join the webcast, click on the following link: Webcast.
To join the conference call, please use one of the following phone numbers:
▪ France: +33 (0) 1 70 37 71 66.
▪ United States: +1 786 697 3501.
▪ United Kingdom (standard international): +44 (0) 33 0551 0200.
Password: Quadient
A replay of the webcast will also be available on Quadient's Investor Relations website for 12 months.
Quadient is a global automation platform provider powering secure and sustainable business connections through digital and physical channels. Quadient supports businesses of all sizes in their digital transformation and growth journey, unlocking operational efficiency and creating meaningful customer experiences. Listed in compartment B of Euronext Paris (QDT) and part of the CAC® Mid & Small and EnterNext® Tech 40 indices, Quadient shares are eligible for PEA-PME investing.
For more information about Quadient, visit https://invest.quadient.com/en/.
Digital: New name for Intelligent Communication Automation
Mail: New name for Mail-Related Solutions
Lockers: New name for Parcel Locker Solutions
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